Reasons to Buy Flood Insurance
All sorts of natural disasters wreak havoc when they occur. Floods are an example of the disasters that many are afraid of. Whatever the flood risk level of your area, it is wise to know a thing or two about flood insurance. Below are some reasons why it is advisable to buy flood insurance.
You might not be aware that your homeowners’ insurance policy does not cover any damage tied to floods. It can only cover the damage caused by water that has not yet touched the ground. Once the water has touched the ground, it’s now a flood and can only be covered by flood insurance. If heavy rains cause any damage to your roof or ceiling, the homeowners’ insurance policy covers it, but if there is an overflow of water from a dam or creek in your neighbourhood, it is not their responsibility. This is why it is necessary to get a separate flood insurance for your home.
Only the level of risk differs, otherwise, everyone lives in a flood zone. Areas are normally categorized as either high, moderate or low risk. It might surprise you to learn that twenty percent of all flood claims have come from low and moderate risk areas. As such, being prepared for a flood at all times is a wise move. These zones are normally mapped out for determining policy rates. This means you should not pass up on buying flood insurance just because your area has been termed as a low risk area.
It is normal to believe that you can count on government support in the event of a flood. This is, however, not a good idea. Government aid is only given to areas that qualify to be federal disasters. Moreover, this aid normally comes in the form of loans which have to be repaid. Furthermore, not all flooding events warrant government assistance. Rather than incur huge losses in the event of a flood, buy flood insurance.
Getting flood insurance means you have comprehensive coverage. As with any other insurance policies, you can choose one that works best for you. While the government-run insurance program might leave out some essential areas, a private insurance policy is tailored to ensure you are adequately protected.
Floods are like all other natural disasters, unpredictable and bound to leave a trail of destruction. Even with prior warning, there is not much one can do to prevent the inevitable losses. (Get flood insurance and rest assured today that any damage in the event of a flood will be taken care of.| Choose to buy flood insurance and rest assured that you are covered in the event of a flood.| With flood insurance, you are assured that any damage caused by the flood is covere